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TRANSCRIPT
The Small Business Webinar Series: Start Your Side Hustle
December 5, 2019
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
Jason Nitschke; MA, EDFP
Vice President/Regional Director - Great Falls SBDC
Education• 1997 -- University of Montana – BA Journalism/Pol. Sci.• 2002 -- Hawaii Pacific University – MA Communications
Certifications• 2017 – Certified Export Counselor• 2017 – Certified Profit Mastery Facilitator• 2015 -- Economic Development Finance Prof. (EDFP)• 2015 -- Accredited Small Business Consultant (ASBC)• 2015 -- Certified Business Advisor (GrowthWheel)
Entrepreneurship• 2000-2002 -- JNitschke Photography; Denver, CO • 2011-2012 -- Carondelet Estate Services, LLC; St. Louis, MO
Bureaucracy• 2013-2014 – Analyst, State of Illinois
TSBWS: Start Your Side Hustle•Plan-Do-Check-Adjust (PDCA)…
•P - Make Sure it’s Cool…With Your Current Employer
•Set the Stage…Customers & Costs
•Don’t Comingle…Money or Stuff
•D - Innovate…AKA: Solve a Problem
•C – Customers & Marketing
•A – Find Something That Is Working
Let’s Start
Let’s Start
79% Survive 1 year
51% Survive 5 years
33% Survive 10 years
Statistics
Most Significant Problems Tied to StatisticsSelf-Awareness
Not Understanding CustomersPoor Pricing
Cost Understanding/ManagementOverspending
Not Enough Cash – over reliance on debt
Poor PlanningUnderestimating the Difficulty
Insufficient Response to AdversityInability to Manage Employees
Lack of Self Awareness
*source The TriStart Matrix*
P = Plan
Pick Something You Know
What Are Your Employer’s Policies?
Don’t ComingleEmployees, Equipment, Technology, Company time
Be Transparent
P = Plan
Market
Operations
Financials
P – Be LegitStep-by-Step
1. Pick a Legal Entity
2. Create a Legal Entity (see Start-Up Checklist)
P – Be LegitStep-by-Step
3. Apply for and EIN (see Start-Up Checklist)4. Start a Business Bank Account
P – Be LegitStep-by-Step
5. Licensing (by industry & location)
6. Business Insurance (see your current provider or shop around)
7) Contracts/Agreements/Waivers (work with an attorney)
P - Before Launching
Customers
Costs
What are the two most
important things to know?
D = Do
MarketHave a “Pilot Product”
Have a “Marketing Strategy”
Have “Early Adopters”
Have a “Value Proposition”
C = Check
MarketWhat are your industry’s Key Performance Indicators?
Talk to your Customers – Ask for feedback
Check the stats on your online presence
C = CheckOperations
Internal PoliciesMoney Handling
Internal ProceduresTime Management
Quality/Inventory Control
Customer Service
Insurance
C = Check
Financial Statements• Income (Profit/Loss) Statement• Balance Sheet
EVERY IDEA & ACTION
Ties back to The
Financials (AKA: The Money)
Financials
A = Adjust
Are you delivering something people want?
If not, figure out a product or service your findings indicate they do.
If things are going well, look into expanding to an additional offering.
Business Planning Lean Business Plan
Planning ToolsOptions
Planning ToolsOptions
Business Planning Lean Business Plan
Start Your Side Hustle
Please respond to our survey to help us keep trainings like this one free of charge.
Jason [email protected]
www.GrowGreatFallsMontana.org
www.SBDC.mt.gov